Gold Over $4,600/oz While Silver Reaches $70/oz

GOLD

August has been an extraordinary month for Gold. Gold started the month at $4,039 per ounce, and this morning reached a high of $4,632 per ounce during US trading this morning.
A $593 increase (over 14%) in 21 days. At the start of this month, I stated that Gold would reach $4,500 by month-end and $5,000 by year-end. I have definitely under-estimated the strength of the gold market.
Today, the U.S. Treasury Secretary Scott Bessent said that the agency will move to ramp up buybacks of long-dated government debt, which drove the US Dollar lower.

At 11 am PT today, Gold is trading at $4,620 per ounce, up $100 on excellent volume.

SILVER

This month’s explosion in the Silver price is extraordinary. Silver started this month at $57.60 per ounce.
This morning, Silver reached a high of $70.14 during trading in London. A $12.54 increase (21.7%) in 3 weeks.
Based on past trading, Silver may have a difficult time staying over $70, but demand is growing (especially from China).

At 11 am PT today, Silver is up $1.21 per ounce, at $69.50 on excellent volume.